Landlords' Ordeal Over Soon?
It's been a long slog for office landlords in OC, but things are finally tipping in their direction. In the last few months, "rents and absorption in South Orange County have been increasing, while tenant concessions and vacancies have been decreasing—especially in the Airport and Irvine Spectrum submarkets,” CT Realty's Steve Provencio tells us.
Recently, Foster City-based Bailard, advised by CT Realty of Aliso Viejo, acquired the three-building, 155k SF Palm Terrace office complex in Lake Forest for $30M from LaSalle Investment Management. One factor driving the buyer's interest, according to Steve: At 10.5% vacancy, South OC has the lowest vacancy of any submarket in the county. Among other tenants, Palm Terrace is home to the corporate offices for Del Taco.